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Federal Coronavirus Relief: CARES Act FAQ

By: Amir El-Sibaie, Erica York, Garrett Watson

Congress's latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. Many people have questions about how the new law impacts their families and businesses.

Disclaimer: The information in this FAQ may not apply to your specific taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. situation. Please direct any tax preparation and filing questions to a professional tax preparer or the Internal Revenue Service (IRS). The Tax Foundation cannot answer specific questions about your tax situation or assist in the tax filing process.

The Basics

Rebates for Dependents

Rebates and Tax Returns

How Does Social Security Impact Rebates?

Payroll TaxA payroll tax is a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance. Payroll taxes are social insurance taxes that comprise 24.8 percent of combined federal, state, and local government revenue, the second largest source of that combined tax revenue. Changes

Unemployment Insurance Changes